Spot basis bids for hard red winter wheat in the US Plains held steady Monday as the market remained quiet amid low prices. Sluggish mill demand caused rail car cancellations and farmer selling was thin. Weekend storms brought much-needed snow and rain to the region, where dry soils had been stressing the new wheat crop.
Futures prices on the Kansas City Board of Trade were called to open 2 to 4 cents lower, pressured both by the beneficial moisture and outside markets. KCBT May wheat ended 10 cents lower at $5.50 per bushel Friday, down nearly 9 percent from the previous week.
In world wheat news of note, Egyptian grain firm Cairo 3A said it will import up to 50 percent more wheat in 2009 on increased demand from Syria and Saudi Arabia; and Egyptian Traders Co said it could import 70 percent more wheat in 2009. Also, an Israeli private buyer has issued a tender to buy 25,000 tonnes of feed wheat. And rain and strong winds may delay wheat harvest by at least a week in Indias key producing state of Punjab.
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